Editing Estate agent (section)

===Lettings===
Estate agents who handle lettings of commercial property normally charge a fee of 7 to 15% of the first year's rent, plus the whole of the first month's rent. If two agents are charging 10%, they will split the fee between them. Estate agents selling commercial property (known as investment agents) typically charge 1% of the sale price.{{cn|date=October 2021}}

The fees charged by residential [[letting agent]]s vary, depending on whether the agent manages the property or simply procures new [[leasehold estate|tenants]]. Charges to prospective tenants can vary from zero to £300 in non-refundable fees usually described as ''application'', ''administration'' or ''processing'' fees (or all three).{{cn|date=October 2021}} There are no guidelines for letting agents on charges, except that they are forbidden by law to charge a fee for a list of properties. All charges to tenants are illegal in Scotland.<ref>{{cite web|url=http://scotland.shelter.org.uk/get_advice/advice_topics/finding_a_place_to_live/renting_privately/letting_agencies#2|title=Letting agencies - Shelter Scotland|website=scotland.shelter.org.uk}}</ref> Otherwise, they are free to charge as they please in England and Wales.

The first month's rent in advance plus a refundable bond (usually equal to one month's rent) is also generally required. Most residential lettings in the UK are governed by [[assured shorthold tenancy]] contracts. Assured shorthold tenancies (generally referred to simply as "shorthold") give less statutory protection than earlier, mostly obsolete, types of residential lettings. Shorthold tenancy agreements are standard contracts; the wording is generally available from legal stationers and on the internet for around £1.00, although most lettings agents will charge £30 to provide one.

It is important that tenant referencing checks are in place prior to a tenant moving into a property. The credit check can be run using credit history data from Equifax, Experian or Call Credit (the three main UK providers) using an in-house website system or a managed referencing service. A reputable agent will also ask for an employment reference and a previous landlord reference to attempt to verify that the tenant can afford the rental on the property and that there were no serious problems with the previous agent. It is also essential that proof of identity and proof of residency are also collected and filed.